Just about every metropolitan area in the country has an
economic development organization that's probably best known
for attracting new business and industry. Ever thought about what
these agencies can do for existing businesses? The answer, in many
cases, is plenty.

Though the specifics vary by organization, many economic
development agencies offer services geared toward expansion and
retention, as well as recruitment. The Economic Development
Corporation of Utah (EDCU) is a good example. "Any of the
economic data or tools we have that are used by corporate site
selectors can also be used by existing businesses," says Chris
Roybal, vice president of EDCU in Salt Lake City. Such information
might include data on the labor market, utilities, taxes, financial
resources, various incentives and more.

The EDCU also operates a supplier database to help companies
find needed materials from in-state vendors. Yet another service
the agency offers is networking and referrals, using its own
contacts to bring together companies that need the services and
organizations that provide them.

"These services are for companies that don't have
researchers who can go out and collect this type of data,"
Roybal says. "Most, if not all, of the economic data provided
by groups like ours is free of charge."

Roybal notes that not all economic development agencies are
created equal. Some are public, some are private, and some are
public-private partnerships; some are independent, while others
work within other organizations, such as chambers of commerce.
"All of them have varying degrees of expertise," he says.
Taking advantage of that expertise may be as simple as calling your
local economic development agency and asking what it can do to
assist your local business.

Jacquelyn Lynn left the corporate world more than 13 years
ago and has been writing about business and management from her
home office in Winter Park, Florida, ever since.